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Épargne de précaution et chômage : une évaluation quantitativede l'auto-assurance

Author

Listed:
  • Yann Algan
  • Arnaud Chéron
  • Jean-Olivier Hairault
  • François Langot

Abstract

The potential welfare benefits of precautionary saving is studied using a quantitative dynamic general equilibrium model. To provide a role for precautionary saving, agents face exogeneous idiosyncratic employment shocks and are unable to borrow or insu re themselves through private markets. It appears that precautionary saving allows to decrea se the cost of labor market uncertainty to a level comparable with the observed unemployment insurance. However, taking into account the transitory path on which households must provi de a huge effort of savings alters this conclusion. A rawlsian criterion leads to be more skep tical about the precautionary saving too.

Suggested Citation

  • Yann Algan & Arnaud Chéron & Jean-Olivier Hairault & François Langot, 2004. "Épargne de précaution et chômage : une évaluation quantitativede l'auto-assurance," Annals of Economics and Statistics, GENES, issue 74, pages 105-130.
    • Handle: RePEc:adr:anecst:y:2004:i:74:p:105-130
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    JEL classification:

    • E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
    • D30 - Microeconomics - - Distribution - - - General

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